Otto Energy’s Hawkeye-1 exploration well, offshore Palawan basin in the Philippines, has been drilled to the planned total depth of 2920m. The top reservoir was intersected at 2710m. Hydrocarbons were logged between 2710m and 2737m in reservoir of variable quality and cutting returns provided indications of fluorescence, usually an indicator of liquid hydrocarbons. Below 2737m water was inferred from log observations in a reservoir sequence of good quality. All measurements are from the rig rotary table. Hawkeye-1 will now be plugged and abandoned.
The drilling program has been executed smoothly, ahead of schedule and ahead of budget. Otto is fully carried on the cost of drilling Hawkeye-1.
“The Hawkeye-1 exploration well has proven the existence of hydrocarbons in SC55. The hydrocarbon size discovered is however at the very low end of expectations and is not economic to develop," said Matthew Allen, Otto’s managing director and CEO. "Otto will now incorporate the results from the well into our understanding of the other prospects, including Cinco, in the license which potentially share the same charge source. Otto is preparing for the upcoming exploration programs in our Alaskan and Tanzania assets. Whilst the result at Hawkeye is disappointing, Otto is a well-funded explorer with high impact exploration activity in the coming twelve months.”
Image: Hawkeye-1 map/Otto Energy
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